FOREIGN TRADE STATISTICS OF THE PHILIPPINES
FIRST SEMESTER 2014
FIRST SEMESTER 2014 TOTAL TRADE STOOD AT $61.264 BILLION
The country’s total external trade in goods for the first semester of 2014 reached $61.264 billion, representing an increase of 7.0 percent from $57.267 billion for the same period in 2013. The growth of the external trade was due to the increase of both inward and outward trading of goods. Total imports accelerated by 5.7 percent to $31.452 billion in 2014 from $29.752 billion in 2013. Similarly, total export receipts expanded by 8.3 percent to $29.812 billion in 2014 from $27.515 billion in 2013. The first semester of 2014 showed a unfavorable balance of trade in goods (BOT-G) for the country, with a recorded trade deficit of $1.640 billion, lower than the $2.236 billion deficit for the same period last year (Table 1).
2014 FIRST SEMESTER’S TOP 10 EXPORTS ACCOUNTED FOR 81.3 PERCENT OF TOTAL RECEIPTS
Aggregate revenue of the top ten exports in 2014 amounted to $24.243 billion or 81.3 percent of total exports receipts. It increased by 10.4 percent from $21.953 billion reported in the same period of 2013 (Table 2).
Electronic Products (includes on consignment and not on consignment) with 40.0 percent share of total exports, was still the top earner for the first semester of 2014 and increased by 4.8 percent to $11.924 billion in 2014 from $11.378 billion in 2013.
Other Manufactures followed with a share of 9.6 percent and a receipt of $2.849 billion. This was 15.1 percent higher than the $2.476 billion recorded value in the same period of 2013.
Woodcrafts and Furniture ranked third with a share of 6.2 percent, posted an increase of 14.0 percent to $1.840 billion in 2014 from $1.615 billion in 2013.
Machinery and Transport Equipment with a share of 5.7 percent, ranked fourth with export receipts of $1.692 billion or 58.1 percent higher than the $1.071 billion recorded in 2013.
Other Mineral Products was the country’s fifth top export in 2014, with $1.503 billion or 5.0 percent of the total export receipts. It increased by 62.7 percent from $923.58 million in 2013.
Rounding up the list of top ten exports for the first semester in 2014 were: Chemicals with an export value of $1.071 billion, decreased by 24.6 percent; Ignition Wiring Set and Other Wiring Sets Used in Vehicles, Aircrafts and Ships worth $940.00 million, rose by 12.5 percent; Articles of Apparel and Clothing Accessories (includes on consignment and not on consignment), $899.62 million, increased by 9.9 percent; Metal Components, worth $833.08 million or a decrease of 13.4 percent; and Bananas (Fresh) with proceeds billed at $690.97 million, increased by 52.8 percent from $452.31 million in 2013.
TOP 10 IMPORTS ACCOUNTED FOR 74.6 PERCENT OF IMPORT BILL FOR 2014 FIRST SEMESTER
The top ten imports for the first semester of 2014 accounted for almost three-fourths (74.6%) or $23.470 billion of the total imports. It registered a positive growth of 6.6 percent from $22.024 billion during the first semester of 2013 (Table 3).
Electronic Products (includes on consignment and not on consignment), still the country’s leading imported goods with 22.3 percent of the total import bill, posted a decline of 1.3 percent from $7.103 billion in 2013 to $7.010 billion in 2014.
Mineral Fuels, Lubricants and Related Materials ranked second, with 21.7 percent share, increased by 1.6 percent to $6.810 billion in 2014 from $6.701 billion in 2013.
Transport Equipment ranked third, comprising 10.2 percent of the total imports, rose by 34.4 percent to $3.205 billion from $2.385 billion in 2013. Transport Equipment reflected the highest growth among the top ten imports in first semester of 2014.
Industrial Machinery and Equipment ranked fourth, with 4.8 percent share, declined by 8.3 percent from $1.633 billion to $1.497 billion worth of imports in 2014.
Other Food and Live Animals ranked fifth, with 3.2 percent share of the total imports valued at $994.98 million, higher by 11.7 percent from $891.05 million in 2013.
The remaining top ten imports for the first semester of 2014 were as follows: Plastics in Primary and Non-Primary Forms, $964.89 million, accelerated by 32.9 percent; Iron and Steel, $862.20 million, increased by 15.7 percent; Cereals and Cereal Preparations, $725.05 million, rose by 25.5 percent; Miscellaneous Manufactured Articles, $719.95 million, accelerated by 8.8 percent; and Telecommunication Equipment and Electrical Machinery (includes telecommunications and sound recording and reproducing apparatus and equipment), $680.73 million, expanded by 13.3 percent.
JAPAN ACCOUNTED FOR 15.0 PERCENT OF COUNTRY’S TOTAL TRADE
The top ten trading partners in the country posted a total trade value of $46.953 billion or 76.6 percent of the cumulative external trade for the first semester of 2014. This comprised a total export receipt of $24.918 billion or 83.6 percent of the total exports and total import bill of $22.035 billion or 70.1 percent of the total imports (Table 4).
Japan (includes Okinawa) was the country’s top trading partner in the first semester of 2014, accounting for 15.0 percent or $9.206 billion of the total external trade. Total exports receipts to Japan amounted to $6.676 billion while imports were valued at $2.530 billion, posting a trade surplus of $4.145 billion (Table 4). Woodcraft and Furniture registered a large share of 25.2 percent of the total exports to Japan valued at $1.682 billion, followed by Electronic Products valued at $1.358 billion or 20.3 percent share of the total exports. On the other hand, the bulk of the imported goods from Japan were Electronic Products billed at $829.56 million or 32.8 percent of the total imports and Transport Equipment with $412.93 million or 16.3 percent of the total imports (Tables 5 and 6).
People’s Republic of China ranked second, accounting for $8.778 billion or 14.3 percent of the total trade in the first semester of 2014. Sales from exports to China were valued at $4.064 billion while payment for imports totaled to $4.714 billion, reflecting a trade deficit of $649.80 million (Table 4). Majority of the exports were Electronic Products worth $1.775 billion or 43.7 percent of the total exports to China. Followed by, Other Mineral Products with $897.85 million or 22.1 percent share. Primary imported goods purchased from China were: Electronic Products worth $932.74 million or 19.8 percent of the total imports; Mineral Fuels, Lubricants and Related Materials valued at $627.45 million (13.3%); and Iron and Steel with payments for imported goods worth $398.02 million (8.4%).
USA (includes Alaska and Hawaii) registered as the country’s third largest trading partner in the first semester of 2014 with total trade valued at $7.066 billion or 11.5 percent of the total trade. Export proceeds from USA reached $4.184 billion while payments for imports were worth $2.882 billion, resulting to a favorable balance of trade in goods (BOT-G) of $1.301 billion (Table 4). Major portion of the export revenue came from Electronic Products valued at $1.443 billion or 34.5 percent of the total exports to USA. Articles of Apparel and Clothing Accessories followed with total receipts of $575.03 million or 13.7 percent of the total exports to USA. The bulk of the imported goods purchased from USA comprised of Electronic Products worth $1.196 billion or 41.5 percent of the total imports. Feeding Stuff for Animals was the second highest imported goods from USA with $391.08 million or a share of 13.6 percent of the total imports from USA.
Singapore ranked as the fourth largest trading partner of the country for the first semester of 2014, with a share of 7.1 percent to total trade or $4.345 billion worth of goods. Recorded export receipts to this country amounted to $2.214 billion while import payments totaled $2.131 billion, resulting to a trade surplus of $82.21 million (Table 4). The country’s major exports to Singapore were Electronic Products with $1.467 billion or 66.3 percent of the total exports and Machinery and Transport Equipment with $221.71 million or 10.0 percent. Electronic Products and Mineral Fuels, Lubricants and Related Materials were the major imports from Singapore with import payments amounting to $905.46 million or 42.5 percent share and $373.59 million or 17.5 percent share, respectively.
Republic of Korea posted on the fifth place, recorded a 6.7 percent or $4.115 billion of the total external trade for the first semester of 2014. Total exports receipts to Republic of Korea amounted to $1.334 billion while imports were valued at $2.780 billion, posting a trade deficit of $1.446 billion (Table 4). Other Manufactures registered a large share of 29.9 percent of the total exports to Republic of Korea valued at $399.17 million, followed by Electronic Products valued at $384.15 million or 28.8 percent share of the total exports. However, majority of the imported goods from Republic of Korea were Mineral Fuels, Lubricants and Related Materials amounted to $1.512 billion or 54.4 percent of the total imports and Electronic Products with $426.55 million or 15.3 percent of the total imports.
TRADING WITH EUROPEAN UNION ACCOUNTED FOR 11.4 PERCENT OF PHILIPPINES’ TOTAL TRADE
The total external trade in goods with the European Union (EU) for the first semester of 2014 was valued at $7.004 billion or 11.4 percent of the country’s total trade. Merchandise exported to EU amounted to $3.289 billion or 11.0 percent of the total export receipts, while imports were valued at $3.714 billion or a 11.8 percent share to total imports, resulting to a trade deficit of $424.98 million. Among the EU member countries, Germany was the country’s top trading partner with a total trade of $2.510 billion or 35.8 percent of EU’s total trade. Proceeds from exports to Germany amounted to $1.311 billion while payment for imports was valued at $1.199 billion, resulting to a balance of trade (BOT-G) surplus of $112.43 million (Table 7).
Top exported goods for the EU member countries for the first semester in 2014 were: Electronic Products, $1.848 billion; Other Manufactures, $244.97 million; Coconut Oil, $180.43 million; Tuna (includes fresh, frozen, preserved or preserved in airtight containers), $125.65 million; and Machinery and Transport Equipment, $123.07 million (Table 8).
Leading imported goods from the EU member countries for the first semester in 2014 were: Transport Equipment, $1.299 billion; Electronic Products, $905.43 million; Industrial Machinery and Equipment, $261.86 million; Medicinal and Pharmaceutical Products, $240.84 million; and Other Food and Live Animals, $127.82 million (Table 9).
ASEAN TOTAL TRADE STOOD AT $12.073 BILLION
The country’s external trade in goods with ASEAN member countries for the first semester of 2014 amounted to $12.073 billion or 19.7 percent of the total trade. Exported goods to ASEAN member countries were valued at $4.708 billion while imports were worth $7.365 billion, resulting to unfavourable balance of trade in goods of $2.658 billion. Singapore was still the country’s top trading partner among the ASEAN member countries with a total trade valued at $4.345 billion or 36.0 percent share of the ASEAN total trade. Total exports to Singapore amounted to $2.214 billion while imports payment was $2.131 billion, which resulted to a trade surplus of $82.21 million (Table 7).
Principal exports to the ASEAN member countries for the first semester in 2014 were: Electronic Products, $2.111 billion; Other Manufactures, $635.66 million; Machinery and Transport Equipment, $520.85 million; Metal Components, $251.06 million; and Chemicals, $235.04 million (Table 8).
The first semesters’ leading imports in 2014 from the ASEAN member countries were: Electronic Products, $1.763 billion; Mineral Fuels, Lubricants and Related Materials, $1.184 billion; Transport Equipment, $905.59 million; Plastics in Primary and Non-Primary Forms, $459.04 million; and Other Food and Live Animals, $382.93 million (Table 9).
TOTAL TRADE TO APEC REACHED $49.732 BILLION FOR THE FIRST SEMESTER OF 2014
The biggest portion of the country’s total external trade came from APEC member countries amounting to $49.732 billion or 81.2 percent of the total external trade for the first six months of 2014. Revenue from exports totaled $25.288 billion or 84.8 percent of the total exports while import payments amounted to $24.444 billion or 77.7 percent share of the total imports. The top trading partner from APEC member countries were: Japan, $9.206 billion or 15.0 percent share; People’s Republic of China, $8.778 billion or 14.3 percent share; USA, $7.066 billion or 11.5 percent share; Singapore, $4.345 billion or 7.1 percent share; and Republic of Korea, $4.115 billion or 6.7 percent share of the APEC total trade (Table 10).
Electronic Products remained as the major exports to APEC member countries for the first semester of 2014 with total receipts valued at $9.830 billion or 38.9 percent share of the total APEC exports. Other top exports were: Other Manufactures, $2.440 billion; Woodcrafts and Furniture, $1.790 billion; Other Mineral Products, $1.501 billion; and Machinery and Transport Equipment, $1.392 billion (Table 11).
Principal imports from APEC member countries were: Electronic Products, $6.069 billion; Mineral Fuels, Lubricants and Related Materials, $4.657 billion; Transport Equipment, $1.795 billion; Industrial Machinery and Equipment, $1.181 billion; and Plastics in Primary and Non-Primary Forms, $849.38 million (Table 12).
Technical Notes:
- The commodity groupings in this Special Release are in accordance with the 2004 Philippine Standard Commodity Classification (PSCC). This is in compliance with NSCB Resolution No. 03, Series of 2005 entitled “Approving and Adopting the 2004 Philippine Standard Commodity Classification” by all concerned government agencies and instrumentalities.
- All transactions that pass through the Automated Export Documentation System (AEDS) are included in the compilation of export statistics.
- Starting with 2010 series, import statistics are adjusted based on the transactions that pass through the Electronic to Mobile (E2M) System.
- Values and growth rates in this Special Release refer to the first semester of 2014 and corresponding first semester of 2013.
